Want to know how to transfer money from a credit card to a bank account? This article tells you all you need to know and much more.
There are various reasons why you might decide to transfer money from a credit card into a conventional bank account.
Maybe you are saying to yourself, “I need cash right now” and transferring money from your credit card is the most logical option.
For instance, you might decide that you want to have money on hand in order to prevent the possibility of over-drafting.
Even if you need just 10 dollars right now it’s not always easy to get it from someone else.
In any case, you can definitely use a credit card to transfer funds. You can also use a specific card for this, called a money transfer credit card.
What Exactly is a Money Transfer Credit Card?
A money transfer credit card doesn’t limit you to only being able to use the credit card for credit purchases.
It doesn’t limit you to only being able to get a cash advance conventionally.
No, you can use one of these special cards in order to make a cash transfer straight into your bank account.
And once you complete the transaction, you’ll have immediate access to your funds.
With a money transfer credit card, you’re going to have a specific period of time in order to pay back the money you borrow at 0% interest.
This 0% only comes if you pay back the entire balance transfer or you pay what’s called a money transfer fee.
You are certainly better off using this method than finding loan places near you.
Benefits of Transferring Money From Credit Cards
Transferring money from these credit cards straight to your bank account has many benefits.
One of the primary benefits is that if you were thinking about taking out a conventional loan, then you might find that going this route is actually cheaper for you.
A regular loan comes with all sorts of fees that can’t be avoided, which makes the cost of getting the money higher.
So, try to skip the personal loan companies.
What If You Don’t Have a Money Transfer Credit Card?
If you aren’t in possession of a money transfer credit card at the moment, then don’t worry.
There’s still a chance that you can use your credit card in order to transfer money, but you might not like it because it’s going to cost you so much more.
Instead, you might want to consider making extra money with something like Uber. Here is a list of the Uber driving requirements if you are interested.
If you have the right type of credit card, then you’ll be able to take out cash directly from an ATM.
This is what is known as taking out a cash advance.
Cash advances work for some people in this regard, but its best that you take every measure you can in order to stay away from doing this.
Taking out a cash advance with your credit card is very costly as the majority of providers typically begin to charge you interest on a daily basis the instant you take out the money.
This happens until the money you borrowed has been fully repaid.
In addition to this you’ll get charged fees for taking out the cash on the front end. Simply being able to make a transfer instead would help you to avoid all of this.
So, to avoid these fees, you might want to find other ways of getting the money.
The Process of Getting a Money Transfer Card Right Away
What you want to do is start doing some research on these cards so you aren’t forced to accept whatever you find first.
You want the best option, which means finding a card that’s going to provide you with a long 0% interest period. You also want the card to have a very low money transfer fee.
This is like using the credit card for free. Who doesn’t love free right?
Now finding the longest zero interest period and the lowest money transfer fee with the same card might be tough.
You’ll need to be a little versatile and be willing to look at other perks the card might offer. It’s not as important that both these areas are the lowest.
Plus, you’ll find that with certain cards that have lower zero percent interest periods that the money transfer fees tend to be less.
This is going to work out fine if you have a debt that you feel confident about being able to repay fast.
If you are in debt right now that you can’t pay off, consider our incredible credit management tips.
Money Transfer Specifics
You can actually do this online and it’s actually the preferred option because it’s so convenient and easy. You don’t need to enter a lot of information, just basic details of what you want.
It’s very easy to do, just like signing up for Survey Junkie and Swagbucks.
In order to get started with your money transfer, here’s the simple process if you choose to do it through the internet:
- Go online and log into your credit card account first. If you have trouble with this, then take measures to address any issues with this in advance.
- Now you’ll want to look for the “Transfer” option, which will be a choice if your credit card came with this feature to begin with. If not, you likely won’t see this option.
- Now you’ll want to put in the amount of money you wish to have transferred to your bank account.
- Be specific and make sure you don’t make a mistake.
- Have your bank account details ready. Now put in your bank account number and any other required information required on the form you’ll be using.
- All you need to do now is follow the directions provided to you after this in order to complete the transaction.
How To Do It Over The Phone
You can also easily do this over the phone if you want using the following instructions:
- You’ll need to call the provider of your credit card and then do as they say in order to verify your credit card account.
- Next you’ll want to ask to have a transfer to a bank account.
- You’ll be asked about how much you want to transfer. After this, you’ll be asked to confirm again, just to be sure.
- Provide all the necessary bank account information and any other important information you get asked for.
- Follow the rest of whatever prompts you’re given in order to finish the transaction.
In the case that you’re using the internet, then you should be able to do this either through a desktop, a smartphone or even a tablet.
As long as you have internet access you shouldn’t have any issues.
Talking about the internet, did you know there are many “unique” ways to make money online so you don’t even need to do a money transfer?
Yes, you can earn cash watching videos, you can earn cash playing games, you can learn how to earn cash by watching ads, you can earn cash playing quiz online, and even get paid cash to listen to music.
The duration of time it might take you in order to have access to your money from a money transfer might vary.
For example, if you’re transferring money to the bank that your credit card is associated with, then you can expect to have access to your funds possibly the same day.
If you’re transferring money to a bank account that isn’t associated with the credit card you have, then it might take several days, usually between 1-3.
How Much Money Can You Transfer?
The first thing you want to focus on is exactly how much money do you actually need.
You don’t want to take out more money than you need, because you’re still essentially taking out a loan that will have to be repaid.
If you don’t pay it back or you’re late with payments, then it’s still going to have an impact on your credit report.
If you need to get another loan with bad credit, it is very hard.
Yes, there are ways to get unsecured bad credit loans but usually the interest is outrageous.
The amount you can transfer to your bank account is going to depend entirely on your credit limit as well as the company your card was issued to you by.
These forms of transfers while they might not be called a “cash advance” are still for the most part exactly that.
In some cases, you’ll only be able to withdraw a certain amount of the credit limit you have available to you.
Not to worry, because you’ll be able to learn all about the specifics when you look at your credit card account online.
If you can’t find the information there, then call up your credit card issuer and ask them about it.
Other Viable Options
There is one other option you might want to consider if you currently have a credit card that doesn’t allow transfers straight to a bank account.
It’s called having a check sent to yourself.
Specific credit cards provide this option where you can request funds be sent to you in the form of a check, dependent on the funds you currently have in your account or your available credit limit.
If you’re able to use this option, then all you’d have to do is take the check and then deposit the money into your bank account once you got it.
One thing we didn’t mention yet is that even if you do have a credit card where you can make a transfer straight to a bank account, this doesn’t mean that the bank you plan on having the funds sent will accept it.
Now if the credit card issuer is associated with the bank you plan on making the transfer, then this shouldn’t be an issue.
If the bank doesn’t accept the check, you might just want to find out ways to make extra cash on weekends.
It is better just to have a second income, then to borrow money.
If you plan on transferring the funds to another bank, then you have to call up that bank first and confirm that they accept transfers coming from credit card accounts first.
The last thing you want is to find out that they don’t.
Creative Option for Those Who Have a PayPal Account
Here’s one really convenient method you can use in order to make a transfer direct from your credit card to your bank account, but it does require you to have access to family members or a friend who is willing to go along with it.
Don’t worry, we’re not talking about having you do anything illegal here.
It’s just a creative method that most people should have access to.
All that’s needed is for the family member or friend you asked to have a PayPal account and for you to have one as well.
Here’s how it works.
First, you can use your credit card in order to pay a friend or a family member.
Virtually any credit card type you have should enable you to do this and PayPal is very versatile in this regard.
You shouldn’t have any issues.
Next, after you pay a friend or a family member using your credit card, you can have them send the money to your bank account.
If this can’t be done, then simply have them withdraw the funds by means of their PayPal debit card (a card that’s linked to a user’s PayPal account) and give it to you.
Now all you have to do is put the money into your bank account and there you go.
It’s that easy.
You would just need to be careful to not try and request too much, but even then there shouldn’t be any issues.
Talking about PayPal, here’s a way to get free money with PayPal.
You’d be surprised at how effective this method is.
In some cases if you have a PayPal Business account and a personal account, then you can use the credit card you have linked to either account as the primary funding source to send funds to the other.
After this, you simply use the bank account you have linked to that account and request a transfer from PayPal.
You should have the money in a matter of a few business days.
You simply need to have a credit card already linked and verified as well as a bank account linked and verified.
We want you to understand that transferring money from a credit card to a bank account is certainly a convenient option to have at your disposal.
It stops you from having to ask friends for money or potentially having to go through a payday loan store in order to get access to the funds you need.
You need to be very careful though.
You’ll want to keep this option available for emergency purposes only.
And even then, it would be best if it were something you made an effort to not depend on the majority of the time.
Well if you do, then it becomes way too easy to end up mismanaging the money.
Instead, learn these easy ways to make cash with PayPal.
It’s going to work out better if you take measures to minimize using this method and when you do you’ll want to be disciplined.
This is what will keep you from falling into a debt trap that can be next to impossible to get out of.
Transferring money from your credit card to your bank account should be a last resort. Instead, use some of the other ways we mentioned to make extra money.
Also, you want to be sure to save money.